The owners of the Mail and Glover have signed an outline agreement, according to reports, but nothing is likely to be officially signed until the new venture secures financial backing. The paper, which is being described as a right-wing "quality tabloid" roughly modelled on France's Le Monde, is looking for £15m to launch.
Glover and managing director Vicky Unwin have declined to comment on any agreement but have stated that they have talked to a number of different newspaper groups at home and abroad.
Venture capitalists and investors have been approached about the start-up but backing from another newspaper has been ruled out. It has also been reported that the venture has reached outline agreements on two print sites in the north and south of the country.
The venture has made a number of high-profile signings already including Private Eye contributor and former Guardian columnist Francis Wheen, who put his name to the venture early last week. Since launch plans were leaked, the paper has apparently been inundated with enquiries from other journalists interested in jobs. Adam Broadbent, chairman of Emap has been signed as chairman, while Unwin, a former managing director of PR Newswire, emerged as managing director.
The World is aiming for a circulation of 100,000 and wants to be similar in format to the recent compact launches of The Independent and The Times. Glover argues that quality broadsheets like The Daily Telegraph and The Times have turned off upmarket readers with too many consumer and celebrity stories.
Associated recently brought an end to the Mail on Sunday's distribution deal with The Business newspaper. Associated said the deal, which saw 130,000 copies of The Business distributed, failed to lift sales.
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